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  • Banks will now pay 10% super tax if their earnings exceed Rs30 crore

    Banks will now pay 10% super tax if their earnings exceed Rs30 crore

    The Federal Board of Revenue (FBR) has announced important amendments to the Income Tax Ordinance, 2001 through Finance Act 2023, bringing significant changes to the Super Tax structure. According to the latest income tax circular (2 of 2023), banks will now be required to pay a 10 per cent Super Tax if their income exceeds Rs300 million.

    The Super Tax was initially introduced through the Finance Act of 2022, imposing graduated tax rates ranging from 1 per cent to 4 per cent on income slabs starting from Rs150 million to Rs300 million and above. Certain specified business sectors were subject to a higher Super Tax rate of 10 per cent if their income surpassed Rs300 million.

    New Super Tax slabs

    To enhance the scope of the Super Tax and ensure progressivity and uniformity in the tax rate structure, the Finance Act 2023 has introduced additional income slabs. These new slabs are as follows: Rs350 million to Rs400 million, Rs400 million to Rs500 million, and Rs500 million and above, with corresponding Super Tax rates of 6 per cent, 8 per cent, and 10 per cent, respectively. These new Super Tax rates will apply to all taxpayers across the board for the Tax Year 2023 and beyond.

    Addressing a significant concern, the Finance Act 2023 has also clarified the payment procedure for the Super Tax. The ambiguity surrounding whether the Super Tax under section 4C of the Ordinance should be paid as a lump sum at the time of filing income tax returns or in monthly/quarterly installments of advance tax under section 147 of the Ordinance has been resolved.

    The introduction of a new sub-section (5A) in section 4C now requires Super Tax liability to be paid in conjunction with monthly/quarterly advance tax installments, depending on the taxpayer’s circumstances. Corresponding amendments have been made in section 147 of the Ordinance to facilitate this process.

    This move is aimed at broadening the scope of the Super Tax and making it a more progressive and comprehensive tax measure. The FBR expects these changes to contribute significantly to the country’s revenue collection efforts while ensuring a fair and equitable tax system for all taxpayers.

  • 7 horses worth Rs10 lacs each die under mysterious circumstances

    7 valuable horses in a Gujrat camp have sadly died, leaving both the owner and officials perplexed, while the status of fifteen others remains critical, Samaa has reported.
    According to the authorities, preliminary investigation indicate that the horses died as a result of “consuming something poisonous.”

    The owner of the horses, well known in the are for competing in prestigious javelin events, took great care of the horses, each of which was worth an astounding Rs10 lacs.
    A thorough investigation is under way after local authorities opened a case in relation to the event.

  • Trump indicted for third time for trying to overturn 2020 US election

    Trump indicted for third time for trying to overturn 2020 US election

    Former US President Donald Trump has been indicted for the third time in a case pertaining to attempts at overturning the results of the 2020 election which Joe Biden won. Since he began his 2024 Republican primary campaign, he has been the first former US president to face three felony indictments in history. No other president, living or dead, has ever faced criminal charges.

    In a previous post on his Truth Social platform, Trump stated his expectations clearly and said that special counsel Jack Smith intended to bring forth another “Fake Indictment” against him.

    “I hear that Deranged Jack Smith, in order to interfere with the Presidential Election of 2024, will be putting out yet another Fake Indictment of your favourite President, me, at 5:00 P.M. Why didn’t they do this 2.5 years ago? Why did they wait so long? Because they wanted to put it right in the middle of my campaign. Prosecutorial Misconduct!”

    The allegations are part of a larger probe into what Trump did as president and afterwards. The investigation, which also includes claims of improper handling of top-secret government records while Trump was in office, is being overseen by special counsel Jack Smith.
    In connection with alleged attempts to hide these documents from the government, Trump was slammed with 37 counts earlier this year. Last week, he was also charged with additional counts for allegedly attempting to remove surveillance footage from his Mar-a-Lago resort.

  • Actor Imran Khan hints at Bollywood comeback

    Actor Imran Khan hints at Bollywood comeback

    We all remember Bollywood actor Imran Khan’s biggest hits like ‘Jaane Tu Jaane Na’, ‘I hate Luv Stories’, and how his bowing out of the big screen broke the hearts of millions of women around the world.

    But now, after decades, the actor has hinted that he might make a comeback. Under an Instagram post by actress Zeenat Aman, a fan Aditi tagged Imran Khan asking him when he would be making his return to the big screen. To which, Khan responded: “Chalo Aditi, let’s leave this to the internet… 1M likes, and I’ll make it happen.”

    Previously, speaking to NDTV, the actor spoke about his difficulty in dealing with the spotlight as well as the struggle to draw a balance between professional and personal affairs. As he revealed:

    “My main struggle is to balance the personal and professional. My issue is that I need to find time for myself, and take that step back from my stardom. I am a person first who has family and friends, and this personal side of my life is of utmost importance to me.”

  • TikTok introduces text posts to compete with Threads and X

    TikTok introduces text posts to compete with Threads and X

    In an unexpected twist, TikTok, the leading platform for short videos, is stepping up to compete with Meta’s Threads and X (previously known as Twitter) with its latest addition: text posts. This innovative new format breaks through conventional boundaries, offering TikTok’s dynamic community an exciting new medium to flaunt their stories, poems, recipes, and a treasure trove of written content.

    TikTok has always been at the forefront of nurturing creativity in all its forms. With a diverse array of content formats, such as videos, photos, Duets, and Stitch, the introduction of text posts adds yet another dimension to the content options, enabling creators to effortlessly share their written brilliance and captivate audiences.

    Creating and sharing text-based content on TikTok has never been simpler. Users now have the option of three choices on the Camera page: photo, video, and text. Opting for text opens the text creation page, providing creators with a user-friendly interface to pen their thoughts and ideas.

    Once on the Post page, users will find a suite of familiar customization options, ensuring that their text posts are just as dynamic and engaging as any video or photo. TikTok continues to stand out from the crowd by enabling sound addition, tagging locations, enabling comments, and inviting duets, all contributing to an immersive experience for users.

    The introduction of text posts comes with exciting features that aim to amplify creativity and captivate audiences like never before. One such feature is the collection of expressive stickers that complement the content and add an extra dash of personality to text posts, giving creators even more tools to make their posts stand out.

    As the platform evolves and adapts to the needs of its community, TikTok’s commitment to empowering creators remains steadfast. The addition of text posts demonstrates TikTok’s dedication to providing innovative tools that inspire self-expression and ensure that the TikTok experience continues to be engaging and exciting for users worldwide.

    Creators and TikTok enthusiasts alike are eagerly anticipating the release of text posts, ready to explore this new frontier of content creation and see how it sparks creativity within the community. With the power of written words combined with TikTok’s dynamic features, the possibilities for expression are limitless.

  • Another burka-clad woman sexually assaulted in daylight in Karachi

    Another burka-clad woman sexually assaulted in daylight in Karachi

    Another case of sexual harassment in Karachi has emerged after a video showing a burqa-clad woman being caught and molested by a man before she quickly escaped. The incident occurred at a street in a neighborhood near Madina Masjid.

    We feel it is necessary to mention that the woman was burqa-clad; she was not wearing any type of clothing that is categorised by men as ‘tempting’. Prominent figures in our country, including our leaders, have said that women provoke men to harass them when they wear revealing clothes.

    According to GEO, the incident was recorded at around 10:55 am in the morning.

    The news publication reported the police were unsuccessful in catching the culprit. They had also not been contacted by anyone to pursue this case, and the survivor has not been identified.

    This is the second incidence in Karachi of public assault of a woman who is covered in a burqa. Previously in July, a man was caught on camera stripping down on a street and trying to sexually assault a woman who was passing him by.

    READ MORE: Sindh CM orders immediate arrest of Karachi harasser caught stripping on video

  • ‘Serving Army officers involved in May 9 attacks’: Shehbaz Sharif reveals startling details

    ‘Serving Army officers involved in May 9 attacks’: Shehbaz Sharif reveals startling details

    Prime Minister Shehbaz Sharif revealed startling details of the May 9 riots on Tuesday while speaking to Asma Shirazi in “Faisla Aap Ka” on Aaj News, stating that serving Army officers were involved in the chaos.

    He added that May 9 would always be remembered as a “Black Day” and that Imran Khan and his supporters had acted as “foes disguised as friends.”

    On a question related to the upcoming general elections, Shehbaz Sharif said that the elections should be held according to the latest census. He also mentioned that it is necessary for transparent elections.

    However, he also stated that defining the boundaries of the constituencies and managing a matter related to elections is the job of the Election Commission of Pakistan (ECP).

    The Prime Minister has also mentioned that this government is going to complete its tenure on August 12.

    He also added that the matter would be transferred to the chief election commissioner, if the arrangements for the upcoming election were not finalised.

    He said that a committee has been formed to talk with all the stakeholders in politics for the caretaker government, including former Prime Minister Nawaz Sharif. He also said that the names of the caretaker government will be shared with opposition leader Raja Riaz.

  • 11-month export decline triggers concerns over industry closures in Pakistan

    Pakistan’s merchandise exports have suffered yet another blow, registering a sharp decline for the 11th consecutive month in July 2023. According to data released by the Pakistan Bureau of Statistics (PBS), exports plummeted by 8.6 per cent year-on-year to $2.05 billion. The decline in export proceeds has raised concerns about the potential closure of industrial units, particularly in the textile and clothing sectors.

    On a month-on-month basis, the situation worsened further, as the export proceeds contracted by 12.68 per cent in July alone. Throughout the entire fiscal year 2023, merchandise exports experienced a substantial dip of 12.71 per cent, falling to $27.54 billion from $31.78 billion in the previous fiscal year (FY22). This significant shortfall of $4.46 billion compared to the $32 billion target set by the government has added to the challenges faced by exporters.

    The government’s projection of a $30 billion export target for the current fiscal year will be a daunting task given the consistent decline in exports and the absence of any concrete measures to address the root causes.

    Read more: Pak Suzuki halts motorcycle production amidst ongoing inventory shortage

    Criticism has been directed towards the Commerce Ministry, as it remained conspicuously silent throughout FY23, failing to hold any meetings or issue statements to understand and resolve the export downturn. The Commerce Minister’s focus on frequent foreign tours without addressing the pressing issue of diminishing exports has raised eyebrows among concerned stakeholders.

    Simultaneously, imports have also experienced a sharp contraction, plunging by 26.44 per cent to $3.66 billion in July from $4.98 billion in the corresponding month last year. On a month-on-month basis, imports declined by 13.15 per cent, indicating a slowdown in the domestic economy.

    During FY23, overall imports fell by a staggering 31 per cent, reducing from $80.13 billion in FY22 to $55.29 billion. The government’s projection of a $58.69 billion import target for FY24 reflects a planned increase of $3.4 billion or 8.14 per cent.

    To address the economic challenges and meet the requirements set by the International Monetary Fund (IMF), the government has eased import restrictions and declared that the State Bank of Pakistan will not hinder the opening of letters of credit (LCs) from July 1. This decision was a condition for reaching a Staff-Level Agreement with the IMF for a nine-month $3 billion Stand-By Arrangement.

    The trade deficit, however, showed signs of improvement, decelerating by 41.16 per cent to $1.60 billion in July from $2.73 billion in the same month last year. The trade deficit for FY23 also witnessed a significant decline of 43 per cent, falling to $27.54 billion from $48.35 billion in FY22.

    Read more: Urgent passport renewal fee increases to Rs6,000 for both online and offline applications

    The continuous negative growth in exports, with only a minor upswing in August 2022 due to a backlog of orders, has raised concerns about Pakistan’s ability to balance its external account. The decline in textile and clothing exports, which account for over 60 per cent of the total exports, remains a significant contributing factor to the overall export contraction in FY23.

    As Pakistan navigates its economic challenges, the government faces mounting pressure to devise effective strategies and take immediate action to revive the exports sector and stabilise the nation’s external trade.

  • Lizzo sued after three former dancers accuse her of sexual harassment, unprofessional behavior

    Lizzo sued after three former dancers accuse her of sexual harassment, unprofessional behavior

    Grammy award winning singer Lizzo was sued by former dancers in her troupe for sexual harassment, hostile work environment and body shaming.

    In a lawsuit filed at the Los Angeles Superior Court, three former dancers accused Lizzo, and the captain of her dance team Shirlene Quigley, for religious harassment, body shaming. In one of the incidents cited in the suit, after a performance at the South by Southwest (SXSW) music festival, dancer Arianna Davis was told that she seemed ‘less committed’ to her role- a comment which thinly suggested she needed to lose weight.

    Another dancer was scolded after the singer called to attention their weight gain, and later fired the same dancer after she had recorded a meeting because of a health condition.

    “The stunning nature of how Lizzo and her management team treated their performers seems to go against everything Lizzo stands for publicly, while privately she weight-shames her dancers and demeans them in ways that are not only illegal but absolutely demoralizing,” Zambrano said in a statement.

    Lizzo has been open about embracing body diversity, releasing several songs like ‘Good as hell’ and ‘Juice’, which encouraged women to love their curves as they are.

    The suit described how the dancers were put in uncomfortable positions including an Amsterdam trip to a strip club, where Lizzo allegedly pressurised the cast members to touch the nude performers, including Ms. Davis despite her reluctance. When Davis obliged and briefly touched the performer, the crowd began laughing. Afterwards, Lizzo pushed a member of the security staff on the stage and began yelling ‘take it off!’, according to the staff present.

    “Plaintiffs were aghast with how little regard Lizzo showed for the bodily autonomy of her employees and those around her, especially in the presence of many people whom she employed,” the suit detailed.

    A week later, after a performance in Paris, the suit reveals the dancers were invited by Lizzo to a club, but they were shocked to discover that it was actually a nude cabaret bar.

    The suit said the plaintiffs were “shocked that Lizzo would conceal the nature of the event from them, robbing them of the choice not to participate.”

    The suit also described the instances of racial and religious harassment dancers had faced, who were the sole women of color present in the group. On one instance, a former dancer requested 50% compensation for her downtime, and the accountant began scolding her for being “unacceptable and disrespectful” and instead offered 25%.

    “Only the dance cast — comprised of full-figured women of color — were ever spoken to in this manner,” the claim stated.

    Dancers were also subjected to pressure to convert to Christianity by the dance captain, Quigley, who preached her Christian beliefs and “took every opportunity to proselytize to any and all in her presence regardless of protestations.” Several cast members asked her to stop pressurising the dancer Rodriguez about her faith, whom Quigley described as a ‘non-believer’, the accused had responded:

    “No job and no one will stop me from talking about the Lord.”

    Lizzo has not responded to the lawsuit, but several other public figures since then have come forward with accusations of rude behavior and unprofessionalism from the pop singer. Filmmaker Sophia Nahli Allison shared that she dropped out as director for Lizzo’s documentary in 2019, citing rudeness from the ‘Cuz I Love You’ singer.

    Lizzo’s former creative director, along with another former dancer, had sent their support to the dancers who had filed the lawsuit against the ‘Juice’ singer.

  • NA passes bill proposing up to three years jail for involvement in anti-state activities

    NA passes bill proposing up to three years jail for involvement in anti-state activities

    The National Assembly has on Tuesday passed amendments to the Official Secrets Act Amendment Bill 2023 which suggests a three year jail sentence for involvement in anti-state activities.

    Murtaza Javed Abbasi, Parliamentary Affairs Minister, presented the bill named “Official Secrets (Amendment) Bill, 2023”.

    According to the bill, a person who creates a problem of public order or intentionally acts against the policies of the state would be guilty of the offence.

    Action will also be taken against the person who will try to gain unauthorised access to documents or information to act against the security interests of the state within or outside the country.

    These offences are punishable with three years in jail and a fine of Rs10 lacs or both.

    According to the bill, intelligence agencies can enter any place without a search warrant. The investigation officer will be the officer of FIA.

    Under the Official Secrets Act, the accused will be tried in a special court, and the special court will give it’s verdict after completing the hearing within 30 days.